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Sindh CM urged to reduce SRB taxes

Sindh CM urged to reduce SRB taxes

KARACHI: Federation of Realtors Pakistan (FRP) has urged the Sindh chief minister to bring down Sindh Revenue Board (SRB) taxes for real estate services from existing 10 percent to two percent in the province and take steps to address issues faced by real estate industry to increase tax collections.

A delegation of federation headed by its President Major Retired Rafiq Hasrat called on Chief Minister Syed Murad Ali Shah at chief minister house. Other members of delegation including federation Vice President Sindh Mohammd Bashir Memon, Vice President Balochistan Syed Faizan Shah and Mian Ather were also present on the occasion.

During the meeting, Maj (r) Rafiq Hasrat apprised the chief minister about difficulties faced by realtors in Sindh province. He demanded to reduce taxes on services of real estate agents as they are already overburdened by FBR taxes and resulting in less collection. A regulatory authority should be established for real estate industry.

Realtors are ready to pay rational taxes but recovery of their two percent of deal commission should also be ensured through legal binding, he added.

Vice President Sindh Mohammad Bashir Memon informed Syed Murad Ali Shah that realtors in Sindh are being issued notices and realtors feel harassed by Sindh Revenue Board which should be stopped. There is a decrease of 70 percent in transactions of real estate due to FBR taxes , SRB services tax high rate, ban on ground plus two story buildings and compulsion of completion certificate in Sindh, he told.

He urged chief minister to take appropriate steps to improve this situation and for providing business friendly environment.

Talking to delegation members, Syed Murad Ali Shah lauded the formation of Federation of Realtors Pakistan and hoped it will play its important role for the betterment of this industry. By facilitating office bearers of federation, chief minister said real estate industry is very vital in country economy and its role cannot be ignored even in development of Sindh.

The chief minister directed SRB officials to hold meetings with federation officials to solve all issues amicably. Government of Sindh will try its best to facilitate this industry and in solving its issues, he added.